- Mina is a new cryptocurrency protocol that is built with the motive to reduce the size of the blockchain from gigabytes to only a few kilobytes
- With the advent of Mina one doesn’t have to download an entire blockchain as the network uses zk-SNARKSs to compress the blockchain
A new blockchain network called Mina is claiming that its protocol needs a constant size of only 22 kilobytes for the transactions to be approved.
What is Mina?
Mina is a new cryptocurrency protocol that is built with the motive to reduce the size of the blockchain from gigabytes to only a few kilobytes. This is possible because of the accessibility, This cryptocurrency has the ability to process thousands of transactions in 1 second. The entire data of the chain is small enough to be stored on your phones. A transaction on this blockchain requires only 20 kilobytes and 10 milliseconds to get processed. The footprint of the transactions is unaffected by the number of undergoing transactions at present. Mina works on the technology of succinct blockchain in which is a combination of processing speed and small print.
With the advent of Mina one doesn’t have to download an entire blockchain as the network uses zk-SNARKSs to compress the blockchain. Due to this, the cost of verifying transactions is less and data is easily accessible to anyone. One can gain possession of data, information, etc through a secret key without the need for a prover and verifier. The goal of Mina is to allow any internet-connected device to interact with the verified data of the blockchain.
There are three ways to acquire Mina the first is through the exchange. The second through a proof-of-stake protocol which means if you already have coins you can either delegate or stake them. The third way is by the people who are snarking within the protocol that can be paid for their efforts in the currencies.
The Mina Genesis
Mina has also launched a token program on March 24th. 2020 called Genesis that prepares the participants to become the first block producers of the network. One thousand Genisis founding members will be selected and 66,000 Mina tokens will be distributed to strengthen the network. The Genisis founding members will act as the initial network block producer as they have complete knowledge required to stake tokens.
Advantages of Mina
Through this technology, it will become easier to develop crypto apps. Any nonprofit’s website can easily show where every dollar donated to them is used for or even to file your taxes based on your income in that year.
Mina was previously called Coda but. In 2019 due to Coda Protocol, the name was changed to Mina.